Turkey will co-finance projects led by the European Bank for Reconstruction and Development (EBRD) through the Turkish Treasury, the bank said yesterday.
The EBRD-Turkey donor fund will be established during a visit of the bank's president, Suma Chakrabarti, to Turkey on Jan. 18-19, according to a statement.
Turkey will co-finance socially important EBRD-led projects that help boost economic growth and improve people's lives.
Chakrabarti will meet with Turkey's top economic officials to discuss the bank's contribution to the Turkish economy and the reforms needed to help the country realize its full economic potential.
Chakrabarti's visit will also include meetings with the top management of Koç and Sabancı holdings, one of the country's largest conglomerates and the bank's strong partners, as well as one of Turkey's biggest private lenders, İşbank.
"In addition, President Chakrabarti will address the general assembly of the Turkish Industrialists and Businessmen Association to reinforce how innovation, economic inclusion and 'green' practices can make Turkey's economy more competitive," the statement said.
The chairman will be accompanied by new EBRD Managing Director for Turkey Arvid Tuerkner, who took over the Istanbul-based post on Nov. 1, 2017.
To date, the EBRD has invested around $10 billion in various sectors in Turkey, mostly in the private sector, the bank said, adding that investments were combined with support for policies, which help modernize the country's economy and build up its resilience.
In Turkey, the EBRD focuses on investment in sustainable energy, improving infrastructure, strengthening the competitiveness of the private sector, including of small firms, deepening local capital and local currency markets, while promoting greater job and training opportunities for women, youth and people in remote areas.